Exhibit 5.1
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2001
ROSS AVENUE
DALLAS, TEXAS
75201-2980
TEL +1
214.953.6500
FAX +1
214.953.6503
www.bakerbotts.com
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AUSTIN
DALLAS
DUBAI
HONG KONG
HOUSTON
LONDON
MOSCOW
NEW YORK
RIYADH
WASHINGTON |
December 18, 2007
Martin Midstream Partners L.P.
Martin Operating Partnership L.P.
4200 Stone Road
Kilgore, Texas 75662
Ladies and Gentlemen:
We have acted as counsel for Martin Midstream Partners L.P., Delaware limited partnership (the
Partnership), and Martin Operating Partnership L.P., a Delaware limited partnership (the
Operating Partnership), with respect to certain legal matters in connection with the filing with
the Securities and Exchange Commission (the Commission) of a registration statement (the
Registration Statement) under the Securities Act of 1933, as amended (the Securities Act),
registering securities to be issued and sold by the Partnership and/or the Operating Partnership
from time to time pursuant to Rule 415 under the Securities Act for an aggregate initial offering
price not to exceed $400,000,000. Such securities include (i) common units representing limited
partner interests in the Partnership (the Common Units); (ii) unsecured debt securities of the
Partnership, in one or more series, consisting of notes, debentures or other evidences of
indebtedness (the Partnership Debt Securities); (iii) unsecured debt securities of the Operating
Partnership, in one or more series, consisting of notes, debentures or other evidences of
indebtedness (the Operating Partnership Debt Securities and, together with the Partnership Debt
Securities, the Debt Securities); and (iv) guarantees (the Guarantees) of such Debt Securities
by the Partnership and/or the Operating Partnership. The Common Units, the Debt Securities and the
Guarantees are collectively referred to herein as the Securities.
In connection therewith, we have examined (i) the First Amended and Restated Agreement of
Limited Partnership of the Partnership and the Certificate of Limited Partnership of the
Partnership, each as amended to date, (ii) the Amended and Restated Agreement of Limited
Partnership of the Operating Partnership and the Certificate of Limited Partnership of the
Operating Partnership, each as amended to date, (iii) the Limited Liability Company Agreement of
Martin Midstream GP LLC, a Delaware limited liability company and the general partner of the
Partnership (the General Partner), and the Certificate of Formation of the General Partner, each
as amended to date, (iv) the Limited Liability Company Agreement of Martin Operating GP LLC, a
Delaware limited liability company and the general partner of the Operating Partnership (the
Operating General Partner), and the Certificate of Formation of the Operating General Partner,
each as amended to date, (v) the forms of each of the Partnerships and the Operating Partnerships
senior and subordinated indentures filed as exhibits to the Registration Statement (collectively,
the Indentures), (vi) partnership and limited liability company records of the Partnership, the
Operating Partnership, the General Partner and the Operating General Partner, including minute
books of the General Partner as furnished to us by
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December 18, 2007 |
the General Partner, and (vii) the originals, or
copies certified or otherwise identified to our satisfaction, of certificates of public officials
and of representatives of the Partnership, the Operating Partnership, the General Partner and the
Operating General Partner, and such other instruments and documents as we have deemed necessary,
and (viii) the Registration Statement and the prospectus contained therein (the Prospectus) as a
basis for the opinions hereafter expressed.
In connection with this opinion, we have assumed that (i) the Registration Statement and any
amendments thereto (including post-effective amendments) will have become effective; (ii) a
prospectus supplement will have been prepared and filed with the Commission describing the
Securities offered thereby; (iii) all Securities will be issued and sold in compliance with
applicable federal and state securities laws and in the manner stated in the Registration
Statement, the Prospectus and the appropriate prospectus supplement; (iv) a definitive purchase,
underwriting or similar agreement with respect to any Securities offered will have been duly
authorized and validly executed and delivered by the Partnership, the Operating Partnership, the
General Partner and/or the other parties thereto; (v) any securities issuable upon conversion,
redemption, exchange or exercise of any Securities being offered will be duly authorized, created
and, if appropriate, reserved for issuance upon such conversion, redemption, exchange or exercise;
(vi) the certificates for any other offered Securities will conform to the specimens thereof
examined by us and will have been duly countersigned and/or registered by the applicable transfer
agent, and/or transfer for such Securities; and (vii) each document submitted to us for review is
accurate and complete, each such document that is an original is authentic,
each such document that is a copy conforms to an authentic original and all signatures on each
such document are genuine.
Based upon and subject to the foregoing, we are of the opinion that:
1. With respect to Common Units, when (a) the Partnership has taken all necessary
action to approve the issuance of such Common Units, the terms of the offering thereof and
related matters and (b) such Common Units have been issued and delivered in accordance with
the terms of the applicable definitive purchase, underwriting or similar agreement approved
by the Partnership upon payment of the consideration therefor provided for therein, such
Common Units will be duly authorized and validly issued and will be fully paid and
nonassessable except as such nonassessability may be effected by the matters below:
(a) If a court were to determine, that the right, or the exercise of the right,
under the First Amended and Restated Agreement of Limited Partnership of the
Partnership (the Partnership Agreement) by the holders of the Common Units and
subordinated units (the Limited Partners) of the Partnership as a group (i) to
remove or replace the General Partner, (ii) to approve certain amendments to the
Partnership Agreement, or (iii) to take certain other actions under the Partnership
Agreement, constitutes participation in the control of the Partnerships business
for the purposes of the Delaware Uniform Revised
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Limited Partnership Act (the
Act), then the Limited Partners could be held personally liable for the
Partnerships obligations under the laws of Delaware, to the same extent as the
General Partner with respect to persons who transact business with the Partnership
reasonably believing, based on the conduct of any of the Limited Partners, that such
Limited Partner is a general partner.
(b) Section 17-607 of the Delaware Act provides that a Limited Partners who
receives a distribution and knew at the time of the distribution that it was made in
violation of the Delaware Act shall be liable to the Partnership for three years for
the amount of the distribution.
2. With respect to the Debt Securities and/or the Guarantees to be issued under the
applicable Indenture, when (a) the applicable Indenture has been duly authorized and validly
executed and delivered by the Partnership, the Operating Partnership and/or the trustee
thereunder, (b) the applicable Indenture has been duly qualified under the Trust Indenture
Act of 1939, as amended, (c) the Partnership and/or the Operating Partnership have taken all
necessary action to approve the issuance and terms of such Debt Securities and/or
Guarantees, the terms of the offering thereof and related matters and (d) such Debt
Securities and Guarantees have been duly executed, authenticated, issued and delivered in
accordance with the terms of the applicable Indenture and the applicable definitive
purchase, underwriting or similar agreement approved by the Partnership and/or the Operating
Partnership upon payment of the
consideration therefor provided for therein, such Debt Securities and/or Guarantees will be
duly authorized and legally issued and will constitute valid and legally binding obligations
of the Partnership and/or the Operating Partnership, enforceable against the Partnership
and/or the Operating Partnership in accordance with their terms, except as the
enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws relating to or affecting creditors
rights generally, (ii) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law) or (iii) any implied
covenants of good faith and fair dealing.
The opinions set forth above are limited in all respects to matters of the laws of the State
of New York, the Delaware Revised Uniform Limited Partnership Act, the Delaware Limited Liability
Company Act and applicable federal law.
We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement.
We also consent to the reference to our Firm under the heading Legal Matters in the Prospectus.
In giving this consent, however, we do not hereby admit that we are in the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and regulations of the
Commission thereunder.
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December 18, 2007 |
Very truly yours,
/s/ Baker
Botts LLP